Wall Street Gears Up to Fight Bank Tax

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Photo: Getty Images

You didn't expect Wall Street to just sit by and let the Obama administration levy a new tax against it, did you? Of course not. So you won't be surprised to learn that the Securities Industry and Financial Markets Association, the big Wall Street lobbying group, has hired a Supreme Court lawyer to look into whether the proposed tax is unconstitutional. The group is prepared to argue that the tax violates the constitution by singling out big banks. The tax would affect 50 of Wall Street's biggest firms and raise about $90 billion for the government over the next decade. Or at least that the government's line. It will probably end up costing us, not the banks. So maybe, for once, we should be rooting for the banks. It feels so wrong.

Obama Bank Tax: Wall St. Mulls Court Challenge [ABC News]